Sentences with phrase «allows taxpayers»

If you are selling your primary residence as a short sale, The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt.

The 2015 appeal period also allows taxpayers to bring attention to changes in the value of their properties over the last year.

Louisiana also allows taxpayers to deduct the amount of their federal itemized deductions that were in excess of the federal standard deduction on their federal tax return, and to deduct school expenses for dependents who are currently in school.

It's the mortgage interest tax break, which allows taxpayers to cut their taxable income by the amount of interest they pay on their home loans.

Section 1031 of the Internal Revenue Code allows taxpayers who properly structure their transactions through a qualified intermediary to defer and potentially eliminate the income tax (i.e. Capital Gains, Depreciation Recapture) that would otherwise be due from the sale of property held for productive use in their trade or business or investment, when they purchase other «like - kind» property.

The outcome of the code allows taxpayers to defer the capital gain and recaptured depreciation taxes for real and personal property held for use in a business or investment.

It allows taxpayers to receive a credit against federal income taxes for making qualified investments in community development entities (CDEs) which are domestic corporations or partnerships that act as vehicles for providing loans, investments or financial counselling in low - income communities.

In general, the IRS allows taxpayers to deduct losses from the theft of money or property.

This scheme allows taxpayers to pay GST at a fixed rate of turnover.

The IRS allows taxpayers to deduct certain medical expenses by taking an itemized deduction on their tax return.

This allows the Taxpayers to view the status of their refund within 10 days of applying for the refund.

The Indian Income Tax Department allows taxpayers to save on their taxes via different media.

«Tax expenditures» are estimates of tax revenues that the government «loses» when the tax code allows taxpayers to reduce their gross income with specific deductions to arrive at a lower «adjusted gross income.»

There is a provision in Anna's Law that allows taxpayers to check off on their tax return to make a contribution to the Pet Population Control Fund which provides low cost spay / neuter.

The mortgage interest deduction allows taxpayers who own -LSB-...]

The IRS allows all taxpayers who do not itemize deductible expenses to claim the standard deduction.

The IRS allows taxpayers to designate one residence only as a main home at any one time.

Section 1031 allows taxpayers holding property for investment purposes to defer taxes that would otherwise be recognized upon the sale of investment property.

Just like a Roth IRA, a Roth 401 (k) allows taxpayers to take distributions tax - free at retirement.

The IRS allows taxpayers to amend returns from the previous three tax years to claim additional refunds to which they are entitled.

The law also allows taxpayers age 50 and older to make additional «catch - up» contributions.

The IRS allows taxpayers to claim personal exemptions for themselves and their dependents.

Also unlike the other tax forms, IRS Form 1040 allows taxpayers to claim numerous expenses and tax credits, itemize deductions, and adjust income.

An Offer in Compromise is an agreement that allows taxpayers to settle their tax debt for less than the full amount.

This provision allows taxpayers to subtract interest paid on student debt from their taxable income to help families reduce the cost of borrowing for higher education.

The Internal Revenue Service allows taxpayers to take a section 179 deduction in the purchase year, which offers the taxpayer the ability to deduct all or part of the truck purchase immediately.

In addition, the Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude as taxable income, debt reduced through a mortgage restructuring program.

The online calculator allows taxpayers to compare how much their employer is withholding for...

The IRS allows taxpayers to split federal refunds between up to three qualified accounts.

It allows taxpayers to fill - in their tax forms online and file electronically without having to buy / use expensive tax preparation software.

Iowa allows taxpayers to exclude some or all of their retirement income under certain circumstances.

Loan forgiveness is considered a source of income under tax rules, but the Mortgage Forgiveness Debt Relief Act allows taxpayers to exclude income from discharge of debt on their principal residence.

The IRS only allows taxpayers to deduct business expenses to the extent that they were used for business.

The Mortgage Debt Relief Act allows taxpayers to avoid income taxes on unpaid mortgage debt.

An incentive that allows taxpayers to subtract from the amount owed to the state or federal government.

For example, California allows taxpayers to file their state income tax on Form 540, 540A or 540EZ.

The Act allows taxpayers to exclude about $ 2 Million of debt forgiven or canceled by mortgage lenders on their main home.

The IRS allows taxpayers to claim a deduction for state and local income taxes in the year they are paid by completing Schedule A, Itemized Deductions, of Form 1040, U.S. Individual Income Tax Return.

The Internal Revenue Service allows taxpayers to deduct any payments involved with diagnosing, treating, mitigating, preventing or curing a medical condition.

The IRS allows taxpayers to deduct either state and local income tax or state and local sales taxes.

The Internal Revenue Service allows taxpayers to claim itemized deductions for non-cash donations to charities.

The IRS allows taxpayers to write off interest expense on the purchase of a first or second home.

Image courtesy of user Maialisa on Pixabay.com Iowa allows taxpayers to take an extra itemized deduction for charitable mileage.

«This new legislation allows taxpayers to invest in the state's educational system, improving an already successful program that gives students from low and moderate - income families the opportunity to attend quality schools,» Duplessis added.

This tax - credit scholarship program allows taxpayers to receive tax credits for their donations to nonprofit organizations that provide school scholarships to K — 12 students.

When combined with a federal tax loophole that allows taxpayers to receive a federal deduction on a dollar - for - dollar state tax credit, 10 of these states» credits are so lucrative that they allow some upper - income taxpayers to turn a profit (at federal taxpayer expense) on contributions they make to fund private school vouchers.

Shifting to a model of education funding that allows taxpayers to choose what forms of education they will financially support with their own money would likely reduce social conflict over these programs.

Stefanik said at the time she could still vote for the final bill and would work to change its treatment of the SALT deduction, which under current law allows taxpayers to deduct property and sales taxes, and state income taxes.

«The former Majority required a $ 2,500 subscription to access a confusing and convoluted legislative tracking program, but our use of technology allows the taxpayers into the process, for free.

The bill allows taxpayers to deduct the full payment of their property taxes and changes the state tax code reference to the federal tax code to reflect the code that was in effect prior to Dec. 1 of last year — effectively a reset button.